Debt maturity determinants in Brazil: evidence from private and public corporate borrowings
Ano de defesa: | 2015 |
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Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | |
Tipo de documento: | Dissertação |
Tipo de acesso: | Acesso aberto |
Idioma: | eng |
Instituição de defesa: |
Não Informado pela instituição
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Programa de Pós-Graduação: |
Não Informado pela instituição
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Departamento: |
Não Informado pela instituição
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País: |
Não Informado pela instituição
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Palavras-chave em Português: | |
Palavras-chave em Inglês: | |
Link de acesso: | http://hdl.handle.net/10438/13798 |
Resumo: | This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial Brazilian companies, from 2009 to 2013. We perform GMM panel analyses using as dependent variables the amount of long-term debt payable in more than one, three, and five years for total debt, BNDES (Brazilian Development Bank) debt and corporate bonds. The results show that the BNDES finances less risky firms, i.e., those that are larger, older, more tangible and more transparent. We also find support for information asymmetry theories, as companies with higher transparency levels have similar leverage levels relative to others but higher proportions of long-term debt in their capital structures. Regarding debt levels, we find that more levered companies are larger, less profitable, more tangible and have fewer growth opportunities. To our knowledge, this is the first paper to address the determinants of long-term debt maturity in Brazil that uses various specifications of long-term debt and that examines different types of debt. |
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Albuquerque, Letícia Gera Gouvêa deEscolas::EAESPTerra, PauloZani, JoãoSaito, Richard2015-06-24T15:34:31Z2015-06-24T15:34:31Z2015-05-15ALBUQUERQUE, Letícia Gera Gouvêa de. Debt maturity determinants in Brazil: evidence from private and public corporate borrowings. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2015.http://hdl.handle.net/10438/13798This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial Brazilian companies, from 2009 to 2013. We perform GMM panel analyses using as dependent variables the amount of long-term debt payable in more than one, three, and five years for total debt, BNDES (Brazilian Development Bank) debt and corporate bonds. The results show that the BNDES finances less risky firms, i.e., those that are larger, older, more tangible and more transparent. We also find support for information asymmetry theories, as companies with higher transparency levels have similar leverage levels relative to others but higher proportions of long-term debt in their capital structures. Regarding debt levels, we find that more levered companies are larger, less profitable, more tangible and have fewer growth opportunities. To our knowledge, this is the first paper to address the determinants of long-term debt maturity in Brazil that uses various specifications of long-term debt and that examines different types of debt.Este trabalho investiga empiricamente os determinantes de prazo de dívida no Brasil. Nós construímos uma base de dados que inclui dívida privada e pública de 308 empresas brasileiras não-financeiras listadas em bolsa, de 2009 a 2013. Utilizamos uma análise GMM utilizando como variáveis explicativas os montantes de dívida de longo prazo a pagar em mais de um, três e cinco anos, para dívida total, dívida BNDES (Banco Nacional de Desenvolvimento Econômico e Social) e debêntures. Os resultados indicam que o BNDES financia firmas menos arriscadas, ou seja, maiores, mais antigas, mais tangíveis e mais transparentes. Também encontramos suporte para teorias de assimetria de informação, dado que firmas com maiores níveis de transparência apresentam níveis similares de alavancagem ao de firmas em outros segmentos, porém uma proporção maior de dívida de longo prazo em suas estruturas de capital. Quanto aos níveis de dívida, observamos que firmas mais alavancadas são maiores, menos lucrativas, mais tangíveis e possuem menos oportunidades de crescimento. Acreditamos que este é o primeiro trabalho a abordar determinantes de endividamento de longo prazo com diversas medidas de longo prazo e com diferentes tipos de dívida.engDebt maturityCapital structureCorporate bondsMaturidade de dívidaAdministração de empresasDívida externa - BrasilDebênturesEstrutura de capitalBanco Nacional de Desenvolvimento Econômico e Social (Brasil)Debt maturity determinants in Brazil: evidence from private and public corporate borrowingsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALDISSERTACAO FINAL.pdfDISSERTACAO FINAL.pdfapplication/pdf342885http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/13798/1/DISSERTACAO%20FINAL.pdfcb87377d99619766da03af5a43c885d8MD51LICENSElicense.txtlicense.txttext/plain; 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InstitucionalPRI |
dc.title.eng.fl_str_mv |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
title |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
spellingShingle |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings Albuquerque, Letícia Gera Gouvêa de Debt maturity Capital structure Corporate bonds Maturidade de dívida Administração de empresas Dívida externa - Brasil Debêntures Estrutura de capital Banco Nacional de Desenvolvimento Econômico e Social (Brasil) |
title_short |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
title_full |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
title_fullStr |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
title_full_unstemmed |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
title_sort |
Debt maturity determinants in Brazil: evidence from private and public corporate borrowings |
author |
Albuquerque, Letícia Gera Gouvêa de |
author_facet |
Albuquerque, Letícia Gera Gouvêa de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Terra, Paulo Zani, João |
dc.contributor.author.fl_str_mv |
Albuquerque, Letícia Gera Gouvêa de |
dc.contributor.advisor1.fl_str_mv |
Saito, Richard |
contributor_str_mv |
Saito, Richard |
dc.subject.eng.fl_str_mv |
Debt maturity Capital structure Corporate bonds |
topic |
Debt maturity Capital structure Corporate bonds Maturidade de dívida Administração de empresas Dívida externa - Brasil Debêntures Estrutura de capital Banco Nacional de Desenvolvimento Econômico e Social (Brasil) |
dc.subject.por.fl_str_mv |
Maturidade de dívida |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Dívida externa - Brasil Debêntures Estrutura de capital Banco Nacional de Desenvolvimento Econômico e Social (Brasil) |
description |
This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial Brazilian companies, from 2009 to 2013. We perform GMM panel analyses using as dependent variables the amount of long-term debt payable in more than one, three, and five years for total debt, BNDES (Brazilian Development Bank) debt and corporate bonds. The results show that the BNDES finances less risky firms, i.e., those that are larger, older, more tangible and more transparent. We also find support for information asymmetry theories, as companies with higher transparency levels have similar leverage levels relative to others but higher proportions of long-term debt in their capital structures. Regarding debt levels, we find that more levered companies are larger, less profitable, more tangible and have fewer growth opportunities. To our knowledge, this is the first paper to address the determinants of long-term debt maturity in Brazil that uses various specifications of long-term debt and that examines different types of debt. |
publishDate |
2015 |
dc.date.accessioned.fl_str_mv |
2015-06-24T15:34:31Z |
dc.date.available.fl_str_mv |
2015-06-24T15:34:31Z |
dc.date.issued.fl_str_mv |
2015-05-15 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
ALBUQUERQUE, Letícia Gera Gouvêa de. Debt maturity determinants in Brazil: evidence from private and public corporate borrowings. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2015. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13798 |
identifier_str_mv |
ALBUQUERQUE, Letícia Gera Gouvêa de. Debt maturity determinants in Brazil: evidence from private and public corporate borrowings. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2015. |
url |
http://hdl.handle.net/10438/13798 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
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repository.mail.fl_str_mv |
|
_version_ |
1742146127726116864 |